Gold Loan In Mysore
Mysore city is one of the most popular cities in Karnataka for being an erstwhile princely state, a popular tourism spot and one of the major IT hubs. It is also an educational hub with many engineering colleges, polytechnics, degree/Ayurveda/Nature cure and Yoga colleges.
The economy of Mysore is a mix of modern and traditional, owing to its manufacturing base of traditional industries such as silk looms, ivory and sandalwood.
With the city's spectrum of economic activities, a gold loan in Mysore becomes a great option to raise money. IIFL finance does not require a credit score to disburse a loan. By furnishing a few valid documents, the applicant gets a loan of up to 75% of the value of gold. With the gold loan in Mysore, the applicant can meet his personal or business requirements.
Features and Benefits of Gold Loan In Mysore
A gold loan in Mysore is a customised product from IIFL Finance, one of the leading lending companies in Mysore. It is a preferred financial product owing to the following features and benefits:
How To Apply For A Gold Loan in Mysore
Walk into any IIFL Gold Loan branch with your gold.
Find Nearest Branch
Provide your ID proof, address proof and gold to get an instant approval
Documents Required
Simple process and in-house gold valuation ensures that you get the loan amount in your account or in cash
Gold Loan Calculator
*The market value of your gold is calculated by taking 30 days average gold rate of 22 carat gold | Purity of the gold is assumed at 22 carat.
*You can avail a maximum loan of up to 75% of the market value of your gold depending on the quality of the gold.
Eligibility Criteria to Apply For Gold Loans in Mysore
Besides creditworthiness and repayment ability, the lending company has put in place the following gold loan eligibility criteria so that only the eligible candidate gets a gold loan in Mysore. The required criteria are:
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Anyone who receives a salary as well as self-employed professionals, business owners, traders, farmers, and others are all eligible.
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The loan-to-value, or LTV, ratio is capped at 75%, meaning a maximum of 75% of the value of the gold will be given as loan.
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Age range should be between 18 to 70 years.
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Gold ornaments between 18 and 22 carats in purity should be in your collection.
Documents Required For Gold Loan in Mysore
IIFL Finance offers one of the best gold loans in Mysore. The application process is simple and swift, with only a few valid documents that need to be produced when applying. To apply for a gold loan in Mysore, the applicant must provide the following documents:
Aadhaar Card
Valid Passport
Pan Card
Valid Driving Licence
Voter ID Card
Ration Card
Electricity Bill
Salary/Income Proof
Why Choose IIFL Gold Loan in Mysore
As a one-stop destination for all your finance needs, IIFL Finance offers one of the best gold loans in Mysore. The loan is simple to apply and disbursal is quick. No credit score is required and the interest rate and applicable charges are disclosed on the IIFL Finance website. Here are some reasons for what makes it the best gold loan in Mysore.
Highest Loan-to-Value: This is the percentage amount the borrower can get, subject to the current market value of the pledged gold ornaments. IIFL Finance offers the highest LTV of 75% of the gold ornaments’ total value based on the gold rate in Mysore.
Flexible EMIs: IIFL Finance makes it easy for borrowers to repay gold loans. The lending company offers the flexibility of paying in monthly EMIs or as a single payment.
Safety: IIFL Finance accepts responsibility for the pledged gold by securing it in steel vaults and also offering insurance against loss or damage. Transparency: IIFL Finance follows a transparent process in approving and disbursing the gold loan. The interest rate and applicable charges and the factors affecting the interest rate are disclosed on the IIFL Finance website.
Transparency: IIFL Finance follows a transparent process in approving and disbursing the gold loan. The interest rate and applicable charges and the factors affecting the interest rate are disclosed on the IIFL Finance website.
Why is Gold Loan the Most Feasible Borrowing Mode in Mysore?
Mysore city holds the distinction of being a popular tourism spot as well as one of the major IT hubs in Karnataka. While Mysore is a modern commercial hub, it is also a city that has a manufacturing base of traditional industries such as silk looms, ivory and sandalwood.
Also, it holds the reputation of an erstwhile princely state. Given this background, a gold loan in Mysore then becomes a great option to raise money quickly. With no credit score requirement, by furnishing a few documents, the applicant gets a loan of up to 75% of the value of gold. With this loan, the applicant can meet his personal or business requirements.
Uses of Loan against Gold in Mysore
IIFL Finance offers the flexibility of using the disbursed gold loan in Mysore for any legal purpose. Most customers often use the borrowed amount from the gold loan in Mysore for any of the following purposes:
Gold Loan in Mysore FAQs
IIFL Finance has stipulated some eligibility criteria for customers looking to apply for a gold loan. The lending company mandates that the person be an Indian citizen; should be between 18-70 years of age; is a salaried employee/entrepreneur/trader/farmer or a self-employed professional and has gold ornaments with a purity of 18-22 carats.
A customer enjoys three major benefits from a gold loan in Mysore. One, the application process involves minimal paperwork; second, subject to the validity of the documents submitted, the loan is disbursed within 30 minutes. Finally, there are no restrictions on how to use the borrowed amount. The customer can use it to meet any legal purposes.
Generally, the gold loan interest rate varies between 18%-27% per annum. There are other charges that are applicable, which IIFL Finance has disclosed on its website.
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